Dan Price

In April 2015, Dan Price announced he will be slashing his CEO pay as the chief of Gravity Payments in order to raise the minimum wage of his staff to $70,000, drawing the attention of many in the business world and beyond.

Six years on, the CEO tweeted that “our revenues have tripled, we are a Harvard Business School case study, and our employees experienced a 10-fold increase in home buying.”

The moral of his move? “Always invest in your people,” he wrote – a philosophy that Price has espoused in recent years, where he has spoken widely about spending more on employees rather than cutting back on their pays.

Beyond revenue, Price added that the decision had multiple other benefits on the company – “Head count grew 70 per cent; Customer base doubled; Babies had by staff grew 10x; 70 per cent of employees paid down debt; Homes bought by employees grew 10x; 401(k) contributions grew 155 per cent; Turnover dropped in half.”

Related

Kevin Borg MMF

If the EU ETS Directive on shipping goes ahead, impact on businesses will be ‘irreversible’ – MMF CEO

5 December 2023
by Fabrizio Tabone

Kevin J. Borg notes that the Directive’s implementation ‘goes beyond maritime,’ as businesses will face added costs and delays in ...

Matthew Borg appointed Equity Partner and Director at Tri-Mer Group

5 December 2023
by MaltaCEOs

Matthew joined Tri-Mer in 2006, ‘whose dedication and professionalism have been an integral part of the firm’s success’.

Chief Brand Officer Lorraine Borg celebrates 9-year anniversary at The Concept Stadium

5 December 2023
by MaltaCEOs

She began her journey at the creative marketing agency as a Graphic Designer in December 2014.

Global Ports Holding & Valletta Cruise Port’s Stephen Xuereb lauds successful shore power integration

4 December 2023
by Helena Grech

On 1st December, Malta’s Valletta Cruise Port fully energised a major cruise vessel through the newly installed onshore power supply, ...

Close Bitnami banner
Bitnami